Key Takeaways
- Uniswap has surpassed $1 trillion in cumulative trading quantity.
- Three and a half years after its initiate, Uniswap is quiet one in all the cease protocols in DeFi.
- Spectacular quantity and full rate locked grasp now not kept its token tag from trending downward, however.
The Uniswap protocol has surpassed a lifetime cumulative trading quantity of $1 trillion, no matter its struggling token tag.
Trillion-Buck Milestone
This day, the Uniswap community considerable a ambitious milestone because the protocol handed a lifetime cumulative trading quantity of $1 trillion.
Deployed on the Ethereum mainnet in November 2018, Uniswap became among the earliest decentralized exchanges ever launched. Its mission became to supply a non-custodial platform upon which to swap, trade, and originate on the blockchain. Three and a half years later, the protocol has considered bigger than a thousand billion dollars of quantity hasten by it.
Uniswap presently boasts a day-to-day quantity of $1.4 billion—three cases as grand as that of its closest competitor, Pancakeswap ($500 million), and nineteen cases bigger than that of the second finest decentralized trade on Ethereum, Sushiswap ($71 million). It reached an all-time high day-to-day quantity of $8.8 billion on Nov. 10, 2021.
It additionally sports actions bigger than $5.9 billion in full rate locked (TVL) across Ethereum, Polygon, Optimism, and Arbitrum, while Sushiswap and Balancer presently each grasp $2.1 billion, Bancor $631 million, and 1inch $10 million. The suitable protocols to grasp extra rate locked are lending protocols equivalent to MakerDAO ($9.7 billion), Curve ($9.1 billion) and Aave ($8.6 billion).
Uniswap’s all-time high TVL became $10.5 billion on Dec. 1, 2021. It hovered in a unfold between $6 billion and $8 billion in TVL unless the market downturn provoked by the Terra meltdown on Also can 7.
Despite these impressive metrics, the market capitalization of the protocol has been in a right downtrend for bigger than a year. Uniswap’s fully diluted market cap all-time high became $33.3 billion in early Also can 2021, with its UNI token reaching $42.33. This day, its fully diluted market cap is at $5.3 billion, and its token tag at $5.49.
Right here’s now not unheard of to Uniswap. As Crypto Briefing has reported, the total DeFi sector has been trading in a grasp market since early Also can 2021 no matter keeping or making improvements to fundamentals. Even high protocols grasp lost over 80% in their rate. UNI is presently down 87% from its all-time high.
Alternatively, the market downtrend has left the Uniswap community undeterred. On Also can 23, it voted almost unanimously to initiate the protocol on two other blockchains, Gnosis Chain and Moonbeam Community.
Disclosure: On the time of writing, the creator of this allotment owned ETH and other cryptocurrencies.
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